Oconomy: Shoppers Spend Less on Holiday Purchases

New numbers released by the National Retail Federation reveal that shoppers spent less money during the holiday weekend. While the number of shoppers increased by two million, the average amount of money they spent dropped.

Average sales dropped by 4% from 2012 figures with shoppers spending an average of $407.20 this year. Overall sales during the holiday are estimated at $57.4 billion which is a 3% drop from last year’s figures.

“The truth is, for far too many Americans, things aren’t great,” said Matthew Shay, president and chief executive of the National Retail Federation.

It’s unclear whether the numbers take into account that more stores were open on Thanksgiving Day this year than last. The survey indicated that 45 million consumers shopped on Thursday, a 29% jump from last year.